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                                                                    EXHIBIT 10.1

                     AMENDMENT NO. 1 TO CONSULTING AGREEMENT

      This Amendment No. 1 to the Consulting Agreement (the "Consulting
Agreement") dated as of November 1, 2001 between Samir Patel, M.D. (the
"Consultant") and Eyetech Pharmaceuticals, Inc., a Delaware corporation (the
"Company") with offices at 3 Time Square, 12th Floor, New York, NY 10036 is
effective as of January 1, 2004.

                                    RECITALS

      WHEREAS, the Consultant and the Company have entered into the Consulting
Agreement;

      WHEREAS, the Consulting Agreement expired on December 31, 2003;

      WHEREAS, the Company and the Consultant wish to extend the Consulting
Agreement and provide for Consultant's continued service to the Company through
September 30, 2004;

      NOW, THEREFORE, in consideration of the premises and agreement and
provisions hereinafter set forth, and for other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, the Consultant and
the Company agree as follows:

      1.    The first sentence of Section 3 is hereby deleted in its entirety
      and amended to read as follows: "The Consultant agrees to devote at least
      five (5) eight (8) hour days per week, for a total of forty (40) hours per
      week, to the provision of the Services" (the `Minimum Time Commitment")."

      2.    Section 4(a) is hereby deleted in its entirety and amended to read
      as follows: "This Agreement shall be deemed to be effective as of January
      1, 2004 and shall terminate on September 30, 2004 (the "Termination
      Date"). The term of this Agreement shall be referred to herein as the
      "Term."

      3.    The first sentence of Section 5(a) is hereby deleted in its entirety
      and amended to read as follows: "In consideration of the Consultant's
      performance hereunder, the Consultant shall be paid a monthly consultancy
      fee of $22,650. The Consultant shall be eligible for bonus from 0-25% of
      total consultancy fees earned from January 1, 2004 through September 30,
      2004. As this bonus is discretionary, any failure to provide bonus
      compensation under this section shall not give rise to any claim by
      Consultant for unpaid compensation."

      4.    Except as set forth above, all other provisions of the Consulting
      Agreement shall remain in full force and effect and are unmodified by this
      Amendment No. 1.

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      5.    This Amendment shall be governed in all respects, including as to
      validity, interpretation and effect, by the internal laws of the State of
      New York without giving effect to the conflict of laws and rules thereof.

      This Agreement may be executed in counterparts, each of which shall be
deemed an original and both of which shall together constitute one and the same
instrument.

      IN WITNESS WHEREOF, the parties have executed this amendment as of May 4,
2004.

                                   EYETECH PHARMACEUTICALS, INC.

                                   By: /s/ David Guyer, M.D.
                                       -----------------------------------
                                       Name:  David Guyer, M.D.
                                       Title: Chief Executive Officer

                                   CONSULTANT

                                   /s/ Samir Patel, M.D.
                                   ---------------------------------------
                                   Samir Patel, M.D.